IOTA Analysis – Monday’s optimism

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The last week of August starts on the crypto market on the front foot. Most of the coins are up, thanks to the positive trading during the weekend. Among the biggest cryptos, today, we picked those with both: biggest gains and the most interesting technical situation. The first one is the IOTA, which is up for almost 9%. Previously, we mentioned this coin at the beginning of the month, when IOTA was in a crucial technical place on the chart:

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„If the buyers will manage to come back above the blue line – buy signal will be triggered based on the false breakout pattern (yellow). In other words: there is no trading signal yet but wait for the daily candlestick close. Above the blue line – buy, below – sell. „

After the hard battle on this resistance, the final outcome was sell. The price declined sharply and made a local bottom on the 0.43 USD. Since that, we are climbing higher and now, the price is very close to trigger a major mid-term buy signal. First of all, IOTA broke the upper line of the triangle formation (green) and now, is trying to break the long-term down trendline (red). If the buyers will succeed to close the day above that resistance, the buy signal will be triggered. The first potential target is on the blue area, which was so important at the beginning of the month. Chances for an upswing are quite high.

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By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.